Foreclosures in the province of Ontario include judical sale and power of sale. Judical Sale is a sale conducted under the court's suupervision and authority of the court, where the lender must apply to the court for the court's permission to sell a property. Power of Sale allows a lender to sell property without the involvement of the court. The lender has the right to sell the property from the mortgage document and/or provincial legislation that authorizes power of sale. Power of Sale is used as the primary recovery method in Ontario and takes place fast (45 days) from start to finish. Banks then sell these properties inn one of three ways: Auction, through a realtor or by tender.

There is a tremendous opportunity to purchase properties at discounted prices and re-sell quickly for profit. When interest rates rise, many homeowners with adjustable rate mortgages (ARMS) will be driven into foreclosure due to higher monthly mortgage payments.

Lender must sell to cover debt, which is often below fair market value or even at a wholesale price should refurbishing be required. Fewer Hassles. Foreclosure properties have no liens or judgements against the property. Any taxes have been taken care of by the lending institutions.

Access to foreclosure properties are researched through the following sources:

• Courthouse: Land Registration Office (notice of default list)
• Foreclosure auctions
• Commercial banks - REO (real estate owned) Property Department
• Specific realtors who sell REO's for bank institutions
• Canadian Registry Internet sites
• Canadian Mortgage & Housing Corporation (CMHC) Repossessions
• Local newspapers